Not much beats the advantages of living in a condo. You get the rewards of home ownership combined with the benefits of community living – all without the obligation to mow your own lawn or clean your gutters. Of course, condo ownership does have its risks. Fortunately, condo insurance from Smart Move Insurance can help protect you and your property in the ways it matters the most.
How Much Coverage Do You Need?
Before you can purchase condo insurance, you should know about your coverage needs. Chances are your condo association maintains a master policy that provides coverage to the structure of your building – including your unit. The inside of your condo and everything in it, however, are your responsibility to insure. Before selecting a policy, be sure to find out which components of your condo’s structure are covered by your condo association. Some master policies will pay to rebuild the walls only, whereas others may pay for additional fixtures like cabinetry, light fixtures, and baseboards.
Types of Condo Insurance Coverage
There are many different types of coverage available within a condo insurance policy. Examples include:
Building Property Coverage
This is coverage for the interior structures of your unit that are not covered by your condo association’s master insurance policy. From your countertops and built-in shelves to the doors on your bedrooms and the carpet on your floors, building property insurance helps return your unit to the way it was before it was damaged or destroyed.
Personal Property Coverage
If your condo catches fire or you are the victim of a burglary, you could lose much of what you own. Personal property coverage helps pay for the replacement of your wardrobe, home décor, electronics, furniture, and more after a covered event.
Temporary Living Expenses
It could take many months for a condo unit to be rebuilt and habitable after a major fire or other covered event. When you are suddenly displaced from your home due to a covered event, your condo insurance can help pay for your temporary living expenses.
Liability
We live in a litigious society. Despite your best efforts to create a safe home, you could still be sued if someone is injured on your property. Liability insurance protects your financial interests in the event you are responsible for another person’s injuries or physical damages. This includes accidents occurring at your home, as well as non-collision events occurring because of you, your child, or your pet’s activities away from home. Liability insurance can help cover legal fees, medical bills, property damages, and more – all without threatening the loss of your personal savings, assets, or future income.
Loss Assessments
As a condo owner, you are partially liable for the events that occur within the community areas of your condo, such as the swimming pool, parking area, lobby, and gym. Though the liability on your condo association’s insurance should cover the damages, you could be billed for your portion of any excess losses that exceed the limits of the master policy. Loss assessment insurance helps cover you against these unexpected expenses.
Condo Insurance in Northern Phoenix
If you own a condo in Cave Creek, Anthem, Carefree, or the greater Northern Phoenix area, let Smart Move Insurance help you find quality coverage. As an independent agency, we will shop around on your behalf to find a policy that fits your unique needs and budget. Call us today to request your free quote. We look forward to serving you soon.
